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1. Company Snapshot

1.a. Company Description

Winnebago Industries, Inc.manufactures and sells recreation vehicles and marine products primarily for use in leisure travel and outdoor recreation activities.The company operates in six segments: Grand Design Towables, Winnebago Towables, Winnebago Motorhomes, Newmar motorhomes, Chris-Craft Marine, and Winnebago Specialty Vehicles.


It provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters for recreational travel, such as conventional travel trailers, fifth wheels, folding camper trailers, and truck campers under the Winnebago and Grand Design brand names.The company also offers motorhomes, which are self-propelled mobile dwellings used primarily as temporary living quarters during vacation and camping trips, or to support active and mobile lifestyles under the Winnebago and Newmar brand names.In addition, it offers other specialty commercial vehicles for law enforcement command centers, mobile medical clinics, and mobile office spaces; commercial vehicles as bare shells to third-party up fitters; and boats in the recreational powerboat industry under the Chris-Craft and Barletta brand names.


Further, the company is involved in the original equipment manufacturing of parts for other manufacturers and commercial vehicles.The company sells its products primarily through independent dealers in the United States, Canada, and internationally.Winnebago Industries, Inc.


was incorporated in 1958 and is based in Forest City, Iowa.

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1.b. Last Insights on WGO

Winnebago Industries' recent performance was driven by robust growth, operational efficiency, and resilience in a recovering RV market. Effective product mix and pricing strategies fueled 12.3% year-over-year revenue growth in Q1 2026. The company's valuation remains attractive, trading below historical price-to-sales and price-to-book averages. Analysts reiterate a buy rating, citing target prices ranging from $48.72 to $62.17. Additionally, Winnebago's commitment to sustainable and inclusive practices is highlighted in its 2025 Corporate Responsibility Report.

1.c. Company Highlights

2. Winnebago Industries' Strong Q1 Performance and Optimistic Guidance

Winnebago Industries reported a robust financial performance in the first quarter of fiscal 2026, with net revenue growth exceeding 12% and adjusted earnings per diluted share of $0.38, significantly beating estimates of $0.1325. The company's revenue growth was driven by double-digit percentage growth in both the towable RV and motorhome RV segments, while the marine segment saw low single-digit growth. The company's operating expenses declined 3.2% compared to the prior year, primarily due to a cost reduction initiative implemented in 2025. Adjusted EBITDA more than doubled year over year to $30.2 million.

Publication Date: Dec -20

📋 Highlights
  • Revenue Growth Across Segments:: Net revenue grew over 12% YoY, with double-digit growth in towable RV and motorhome segments.
  • Adjusted EPS Improvement:: Adjusted EPS surged to $0.38 vs. a $0.03 loss last year, driven by margin expansion and cost cuts.
  • Product Strategy Shift:: Lower-priced models (e.g., Transcend, Thrive) gained traction, aligning with affordability-focused consumer demand.
  • EBITDA Growth:: Adjusted EBITDA more than doubled to $30.2M, reflecting operational efficiency and pricing discipline.
  • Guidance Raise:: Full-year revenue projected at $2.8B–$3B, with adjusted EPS of $2.10–$2.80, supported by share gains and margin recaptures.

Segment Performance

The company's motorhome RV business saw significant growth, with increased market share in Class A gas, Class A diesel, and Class C. The towable RV segment also performed well, driven by the success of new products such as the Transcend series and the Grand Design Imagine. The marine segment, while slightly below prior year due to industry softness, still contributed to the company's overall growth.

Guidance and Outlook

Winnebago Industries raised its fiscal 2026 full-year guidance, with consolidated net revenues expected to be in the range of $2.8 billion to $3 billion and adjusted earnings per diluted share in the range of $2.10 to $2.80. The company expects a modest increase in Q2 sales driven by growth in the Motorhome segment, with EPS expected to be flat to up modestly compared to the prior year. The company's guidance reflects its confidence in its ability to drive market share and expand margins.

Valuation and Metrics

With a P/E Ratio of 33.88 and an EV/EBITDA of 9.39, the company's valuation appears to be reasonable, considering its strong growth prospects and improving profitability. The company's ROE of 2.98% and ROIC of 3.15% indicate a stable return profile. The Net Debt / EBITDA ratio of -1.24 suggests a healthy balance sheet. Analysts estimate next year's revenue growth at 3.9%, which is relatively conservative compared to the company's current momentum.

Operational Highlights

The company is making progress in its transformation initiatives, including the refresh of its flagship Winnebago motorhomes business and the introduction of new products such as the Winnebago Towables line and the ARIA from Barletta. The Grand Design Motorized brand has exceeded $100 million in net revenue and is on track to meet its multi-year plan. As Bryan Hughes noted, the company is monitoring macro indicators and is positioned for an upgrade cycle, with brands that offer innovation, quality, and a great aftermarket customer experience.

3. NewsRoom

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Chris-Craft elevates the boating experience with a reimagined Launch 27 designed for effortless enjoyment

Feb -09

Source: globenewswire.com

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Winnebago Industries, Inc. Announces Redemption of $100,000,000 of Its 6.25% Senior Secured Notes Due 2028

Feb -05

Source: globenewswire.com

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Universal Beteiligungs und Servicegesellschaft mbH Sells 60,783 Shares of Winnebago Industries, Inc. $WGO

Feb -05

Source: defenseworld.net

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Winnebago: Issues Remain, But An Upgrade From Sell To Hold Seems Justified

Feb -05

Source: seekingalpha.com

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What Makes Winnebago (WGO) a New Buy Stock

Jan -26

Source: zacks.com

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Winnebago Industries, Inc. (NYSE:WGO) Given Consensus Rating of “Hold” by Analysts

Jan -24

Source: defenseworld.net

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Barletta Boats earns a record fourth consecutive Innovation Award at the Minneapolis Boat Show

Jan -22

Source: globenewswire.com

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Seakeeper Ride, Barletta Boats Elevate Boating Experience with Introduction of Industry-First Stabilization Technology for Pontoons

Jan -21

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.84%)

6. Segments

Motorhome Recreation Vehicles

Expected Growth: 4%

Winnebago Industries' Motorhome Recreation Vehicles segment growth is driven by increasing demand for outdoor recreation, rising disposable income, and a growing preference for experiential travel. Additionally, the company's strategic investments in product innovation, digital marketing, and expanded distribution channels contribute to its growth momentum.

Towable Recreation Vehicles

Expected Growth: 3%

Winnebago's towable recreation vehicles segment growth is driven by increasing outdoor recreation participation, rising demand for affordable luxury, and growing popularity of experiential travel. Additionally, the company's strategic acquisitions, expanded distribution channels, and innovative product offerings have contributed to its growth.

Marine

Expected Growth: 6%

Winnebago Industries' Marine segment growth is driven by increasing demand for recreational boats, driven by rising disposable income, growing popularity of water sports, and an aging population seeking outdoor activities. Additionally, the company's strategic acquisitions, product innovations, and expanding distribution channels contribute to its 6% growth.

Corporate / All Other

Expected Growth: 2%

Winnebago Industries' Corporate/All Other segment growth is driven by strategic investments in digital transformation, expansion of e-commerce capabilities, and optimization of operational efficiencies. Additionally, the company's focus on innovation, product diversification, and geographic expansion contribute to its 2% growth rate.

7. Detailed Products

Motorhomes

Winnebago Industries, Inc. offers a wide range of motorhomes, from compact and easy-to-drive models to spacious and luxurious floorplans.

Travel Trailers

Winnebago Industries, Inc. offers a variety of travel trailers, from lightweight and easy-to-tow models to spacious and feature-rich floorplans.

Fifth-Wheel Trailers

Winnebago Industries, Inc. offers a range of fifth-wheel trailers, designed for comfort, convenience, and luxury.

Towables

Winnebago Industries, Inc. offers a variety of towable RVs, including travel trailers and fifth-wheel trailers, designed for ease of towing and setup.

Commercial Vehicles

Winnebago Industries, Inc. offers a range of commercial vehicles, including shuttle buses, transit buses, and specialty vehicles.

8. Winnebago Industries, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Winnebago Industries, Inc. faces moderate threat from substitutes, as customers have limited alternatives for recreational vehicles and outdoor lifestyle products.

Bargaining Power Of Customers

Winnebago Industries, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, making it a low threat.

Bargaining Power Of Suppliers

Winnebago Industries, Inc. relies on a few key suppliers for components and materials, giving them moderate bargaining power.

Threat Of New Entrants

The recreational vehicle industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it a low threat for new entrants.

Intensity Of Rivalry

The recreational vehicle industry is highly competitive, with several established players competing for market share, making it a high-intensity rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.93%
Debt Cost 4.18%
Equity Weight 68.07%
Equity Cost 12.55%
WACC 9.88%
Leverage 46.90%

11. Quality Control: Winnebago Industries, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Buckle

A-Score: 6.8/10

Value: 5.0

Growth: 4.0

Quality: 7.6

Yield: 10.0

Momentum: 7.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Weyco

A-Score: 6.4/10

Value: 7.1

Growth: 5.9

Quality: 7.1

Yield: 10.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Ethan Allen

A-Score: 6.1/10

Value: 6.8

Growth: 3.8

Quality: 6.5

Yield: 10.0

Momentum: 2.5

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Karat Packaging

A-Score: 5.7/10

Value: 3.9

Growth: 7.9

Quality: 5.3

Yield: 9.0

Momentum: 2.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Marine Products

A-Score: 5.4/10

Value: 4.0

Growth: 4.4

Quality: 5.2

Yield: 10.0

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Winnebago

A-Score: 4.0/10

Value: 6.3

Growth: 3.3

Quality: 5.2

Yield: 5.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.35$

Current Price

47.35$

Potential

-0.00%

Expected Cash-Flows